International Journal of Humanities and Social Science
Vol. 2 No. 23; December 2012
Consolidated Financial Statement: Managerial Tool to Plan for the Local Council
Luigi Puddu
Professor in Accounting
University of Turin
Italy
Alessandra Indelicato, PhD.
University of Torino
Italy
Christian Rainero
Researcher
University of Turin
Italy
Silvana Secinaro
Researcher in Accounting
University of Turin
Italy
Abstract
This paper intends to answer the question ‘which approaches and which managerial tools can be efficaciously
adopted in constructing a harmonious relationship of co-evolution between the local council and the external
world?’ In particular, the research concentrates on the use of consolidated financial statements as a means of
planning and audit for local council-run companies that hold shares in multi-utility companies and which have a
controlling interest in non-profit companies operating locally.
Key words: accounting, consolidated financial statements, local public companies
1. Object of research
This research is of an empirical nature and is based on the analysis of the consolidated financial statements of the
Torino City Council. Therefore the paper presents the consolidated financial statements of the city council,
verifying the presence of formalized regulations and audits of the relationship between the council and the
associate companies. It aims to identify and theorize an optimal model for the drafting of a consolidated financial
statement for the city council, which can also be used as a tool for the internal and external audit of council-run
and associated companies.
2. Data
The Torino City Council and its associated companies.
3. The method
The method used in this research is of a qualitative deductive-inductive type: the approach studied the specific
case, applying general principles and deducing the specific aspects.
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4. Methodology




identification of the local public group with the presence of various kinds of company: council-run
companies, businesses, non-profit companies;
drafting of the guidelines for the consolidated companies for the purpose of systematic communication
regarding the inter-company relations between the company and Torino City Council;
preparation of a model of enclosure to the financial statement containing information on the intercompany accounts;
analysis of the principal items in the annual report of the city council including relations between the city
council and companies set out in consolidation deeds;
drafting of proposals regarding the uniformity of the financial statements for the non-profit organisations,
with particular reference to the net assets;
any implications for the supervision of the management and planning.
5. Literature Review
The companies can reasonably be studied and classified from various standpoints ―[…] and this multiple
classification can be carried out taking into account the diverse purposes of the companies, the diverse condition
of the legally recognised subject in whose name the legal rights and duties of the company are exercised and the
constitution of the board of directors, the two most important administrative subjects and finally, the diverse
extent of the administrative work.‖ (Besta F., 1920)
One classification is that based on the certification of the ‗source-use‘ process of accumulation of capital (or
production of wealth) with the classic division of companies into two major categories:
-
companies are: ―those for whom wealth is the means and the purpose of the administration, those who use
capital to produce wealth;‖
companies in which ―wealth is merely a means.‖
Starting from this conceptual classification and using the parameter of ―production of wealth‖ it is possible, with
an analytical organisation of the type of ‗source‘ and the ‗uses‘ of the capital, to more specifically define the
characteristics of some second-level corporate classes in which diverse administrative mechanisms can be found.
This classification allows us to highlight the types of ‗sources‘ and the ‗uses‘ made of capital in all the companies
and which therefore represent a common trait, while possible divergences are what gives each company its
individual identity; identity that, beginning from a fundamental and structural evaluation of the process of
‗wealth‘ leads to the definition of the various types of company from a legal point of view.
The public company carries out management processes aimed at meeting needs with objectives that are not the
accumulation of wealth, but rather its redistribution. The processes of accumulation/distribution of wealth are set
out in Table 1.
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International Journal of Humanities and Social Science
Vol. 2 No. 23; December 2012
Table 1 – Processes of accumulation/distribution of wealth according to the type of company
Production companies
Type of company
Businesses
Cooperatives
Internal consumption companies
Public companies
Non-profit
(state or council-run)
companies
Sources/uses
a) Sources of accumulation of
capital
YES (with upper limit
for partner and with
vote pro-capite)
NO
YES
NO
YES
NO
NO
YES
YES
(endowment to
be used for the
purposes of the
company)
NO/YES
NO
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
1b) remuneration / repayment of
corporate
capital/endowment
fund
YES
YES (with indivisible
limits and reserves)
NO
NO
2-3-4b) management costs
YES
YES
YES
5b) Investment
6b) debit repayment
YES
YES
YES
YES
YES
YES
1a)
capital/endowment
corporate
2a) market income
3a) taxes
4a) contributions to third parties
without compensation
5a) asset divestment
6a) debits
b) Uses of capital:
YES (corporate capital to
be maintained through
accumulation of income)
YES (redistribution
of
profits
to
members)
YES
YES
In order to talk about a gruppo pubblico locale1 (local public group of companies), in which various companies
(public, private or joint public-private) are controlled by the local council ‗the Comune’2 it is necessary for there
to be three distinct elements:



a public reporting entity, although this does not exclude the presence, with a significant role, of the ‗private
sector‘; in particular, the subject may be individual or formed of an alliance of Comuni or other local bodies,
which, thanks to their territorial or political characteristics share the apparatus for the production of public
services;
a number of legal entities of various kinds, since the specific nature of the public group is precisely that it is
composed of both private companies and of public bodies;
a unitary economic and strategic philosophy, an aspect which, although typical of any company group, in the
case in question is accompanied by the specific nature of the economic and strategic decisions linked to the
public function of the local company.
In this framework the public company can operate directly or through other specialist companies, who are linked
by interdependent relations of governance.
1
The Gruppo pubblico or Gruppo aziendale pubblico (respectively, public group or public group of companies) can be
defined as the networks of all the public and private legal entities that are controlled by a public company (public holding
company) or which are associated with it. It is substantiated by the activities of a public company ―by means of other
specialist companies, which are linked by interdependent relations of governance‖ (L. PUDDU [ed.], Il Gruppo pubblico
locale. Aspetti economico aziendale e di bilancio, Griuffè, Milano, 2010, page 3).
In the public sector there are also accounting groups of companies (for the consolidated financial statement – state sector,
public sector, extended public sector, etc.) which present some forms of centralisation (e.g.: lack of autonomy of the
government) [C. RAINERO, La tesoreria delle aziende pubbliche, to be published shortly].
2
In Italy, the comune (plural comuni) is the basic administrative division corresponding to ‗township‘ or ‗municipality‘. It is
a city or district with its own government or city council.
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This profile makes it possible to identify a series of ‗financial participations‘ that may be:
 participations con equity instruments (e.g.: shares, stakes);
 participations without equity instruments.
With the equity instruments the public company holds a document that serves as legally enforceable evidence of
the right of ownership in a firm, has exchange value and is there for an asset. Examples are, participations by the
public company in other limited companies which, traditionally, are those which provide public services (e.g.:
public transport, power, water). Participations without equity instruments give the public company rights of
governance (e.g.: nominating administrators, accountants and auditors), but do not constitute assets which can be
exchanged or liquidated. They are, for example, endowments made to various subjects such as associations,
foundations, committees and consortiums. In this case, the participations, although lacking ‗exchange value‘ can
still be considered financial investments, to be included in the statement of assets and liabilities. This is possible
when referring to a wider economic value, thus attributing value to both the legal and the capital use of these
participations which affects:
a) the ‗legal use‘ of the exercise of governance and control through the nomination of persons involved in
governance (e.g.: administrators, auditors). This relationship also justifies the emission of further
contributions in the financial statement necessary for financing the management of the companies in
which a stake is held (e.g.: associations and foundations);
b) the ‗instrumental use‘ for activities that are intended to meet public needs (e.g.: culture and sport), but
which are supplied by specialist companies outside the public company.
The participation in the endowment without equity instruments has both the nature of a ‗legal relationship‘ and
that of being ‗subject to evaluation‘: characteristics required by Article 230, paragraph 2 of the Tuel 3 for the
definition of the local authorities‘ assets. In fact, the financial statement of the public company is another case of
an asset, without ‗exchange value‘, represented by the ‗state property‘, which is included in the financial
statement (Article 230, paragraph 3), at the same time a restricted reserve entitled ‗net of state property‘ is
recorded in the equity. We can therefore deduce, that also the participations in endowments without equity
instruments should be included both in the assets, amongst the financial fixed assets and in the net assets as a
restricted reserve.
6. Data Analysis
The Comune di Torino (Torino City Council) organises some public services through a complex system
represented by limited companies, foundations, institutions and associations. Over the last ten years the Council
has, in fact, increased its recourse to outsourcing, directly commissioning important local public services.
The Comune di Torino Group is currently composed of about thirty associated companies and various
foundations, institutions and associations, it has been progressively extended to include various organisations
which operate in a variety of sectors and in which the City Council holds varying percentages of shares.
For the purpose of drawing up the consolidated financial statement, the group of Council companies is divided
into two categories, one composed of the companies and the other of the foundations, institutions and
associations.
In order to apply the method of consolidation to homogeneous classes the companies were divided as follows:
•
•
•
3
subsidiaries, meaning the companies in which the City Council holds the majority of votes at the ordinary
shareholders‘ meeting or has joint control;
associated companies, being companies in which the City Council holds at least one-fifth of the voting rights
in the ordinary shareholder‘s meeting;
other companies meaning companies in which the City Council holds less than one-fifth of the voting rights
in the ordinary shareholder‘s meeting.
TUEL (testo unico degli enti locali = Legislative Decree N. 267 dated 18.08.2000).
In particular, paragraph 2 of Article 230 of the TUEL, defines the assets of local authorities as ―[... the overall goods and
privity, active and passive, of each body subject to evaluation and which through the accounts and the relative balance
determines the net value of the assets.‖
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Vol. 2 No. 23; December 2012
On the other hand, with reference to foundations, institutions and associations, the aim was to identify, within the
vast list of City Council associated organisations, the smaller group composed of the most significant
organisations in terms of the City Council participation in the endowment fund, or of the extent of the
involvement of the City Council, according to the size of the organisation.
Table 2 shows the companies with which the Torino City Council was associated at December 31st 2006, 2007,
2008 and 2009, with an indication of the methods used in drawing up the consolidated financial statement for the
relative years.
Table 2 – Consolidated Area
CONSOLIDATED AREA
HOLDING
%
METHOD
COMUNE DI TORINO
AMIAT - AZIENDA MULTISERVIZI IGIENE AMBIENTALE
TORINO S.p.A.
GRUPPO FCTH
100,00% INTEGRAL METHOD
GRUPPO FCTH
100,00% INTEGRAL METHOD
GTT - GRUPPO TORINESE TRASPORTI S.p.A.
AFC Torino S.p.A.
100,00% INTEGRAL METHOD
FARMACIE COMUNALI TORINO S.p.A.
51,00% INTEGRAL METHOD
SORIS - SOCIETA' RISCOSSIONI S.p.A.
100,00% INTEGRAL METHOD
SMAT - SOCIETA' METROPOLITANA ACQUE TORINO S.p.A.
GRUPPO SMAT
65,32% INTEGRAL METHOD
GRUPPO SMAT
59,85% INTEGRAL METHOD
RISORSE IDRICHE SPA
TRM - TRATTAMENTO RIFIUTI METROPOLITANI S.p.A.
95,08% INTEGRAL METHOD
VIRTUAL REALITY & MULTI MEDIA PARK S.p.A. (3)
76,69% INTEGRAL METHOD
BORGO FILADELFIA
49,00% INTEGRAL METHOD
BORGO DORA (Società consortile a responsabilità limitata)
50,00% INTEGRAL METHOD
GARIBALDI SOC. CONSORTILE A R.L.
51,00% INTEGRAL METHOD
ENVIRONMENT PARK S.p.A. (2)
35,00% INTEGRAL METHOD
EXPO 2000 S.p.A in liquidazione
22,65% INTEGRAL METHOD
S.A.G.A.T. S.p.A.
38,00% INTEGRAL METHOD
TORINO NUOVA ECONOMIA S.P.A.
SOCIETà AZIONARIA PER LA CONDOTTA DI ACQUE
POTABILI SpA
GRUPPO FCTH
40,23% NET ASSET METHOD
GRUPPO SMAT
27,58% NET ASSET METHOD
GRUPPO IREN
24,06% NET ASSET METHOD
GRUPPO IREN
24,06% NET ASSET METHOD
GRUPPO IREN
24,06% NET ASSET METHOD
GRUPPO IREN
24,06% NET ASSET METHOD
GRUPPO IREN
12% NET ASSET METHOD
GRUPPO IREN
24,06% NET ASSET METHOD
IREN S.P.A.
IREN MERCATO
IREN ENERGIA
IRIDE SERVIZI
AES TORINO
AEM TORINO DISTRIBUZIONE
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The methods of consolidation applied were, respectively: for the subsidiaries 4, the integral method, for the
associates5, the net asset method.
The financial statements received from the companies were reclassified using suitable IT applications, which
allowed us to compare, sum and summarise the information (Table 3). The main advantage of a homogeneous
reclassification of the financial statements is that it is possible to compare them, deriving reasonably brief
information. The most critical areas found were:
a)
b)
c)
d)
determination of the net financial position;
principles for drawing up the consolidated financial statement;
determination of the shareholders;
determination of the fixed assets.
With regard to the net financial position, it was necessary to specify the nature of the credits and debits, so that it
was possible to define the financial credits and debits that would affect the financial position. In order to identify
these credits and debits the information used was taken from the notes to the financial statements, together with
information gathered directly from the companies.
With regard to the credits and debits and the inter-company costs and income, these were requested from the
company, sending them a table to fill in with the figures of the inter-company agreements with the Torino City
Council and other companies of the Group and the allocation of these sums in the approved financial statement,
since the information was given in summary in the financial statement, or was not given at all.
The Comune di Torino Group also includes companies that, being quoted on the stock exchange, must draw up a
financial statement in accordance with international accounting principles. This obligation leads, apart from
different accounting systems for some items (e.g.: severance pay and fixed assets) to a financial statement that
differs from the one foreseen by the Italian Civil Code for companies not quoted on the stock exchange. In such
cases it was necessary to convert the information to the format used by the majority of other companies, that is,
the type of financial statement governed by Articles 2424 and 2425 Italian Civil Code, which is compulsory for
companies not quoted on the stock exchange. This required simplification because it was impossible in this initial
phase of the project to have all the financial statements drawn up using the same accounting principles.
4
The accounting principle Enclosure 4 DPCM December 28th 2011 and the international IPSAS 6 principle make it
compulsory to draw up the consolidated financial statement for controlled entities, jointly controlled entities and associates in
separate financial statements of a controlling entity. The purpose is to monitor the administrative and managerial decisions of
the controlling entity in order to attain the relative benefits.
5
IPSAS 7 defines an associate as ―a partnership, over which the investor has significant influence, and that is neither a
controlled entity nor an interest in a joint venture.‖ It also states that ‗considerable interest‘ means ―the power to participate in
the financial and operating policy decisions of the investee but is not control or joint control over those policies.‖
Significant influence can be shown when:
- the participation is equal to or greater than 20% of the voting rights in the shareholders‘ meeting;
- the participant is represented in the board of directors or in the equivalent body of the associate;
- significant operations occur between the investor and the investee, including the exchange of managers or the supply
of essential technical information.
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Vol. 2 No. 23; December 2012
Table 3 – Proposal for the reclassification of the associate companies’ financial statements
TYPE OF INTRA-GROUP RELATIONSHIP
FIXED ASSETS
intangible
tangible
CREDITS TOWARDS TORINO CITY COUNCIL
commercial
various
financial
EQUITY (of the Torino City Council):
endowment fund of the institution
restricted capital assets/endowment
unrestricted capital assets
DEBITS TOWARDS TORINO CITY COUNCIL
commercial
various
financial
COSTS:
for services
leased assets
other management costs (e.g.: ICI)
interest payable
extraordinary charges
other (specify)
INCOME
from sales and services
other income and profits (specify whether from
taxes)
other income (specify)
AMOUNT
(in euro)
ACCOUNTS PLAN
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
In the section ‗intra-group relationship‘ all the most common inter-company situations are listed, although it may
be necessary to correct them.
The consolidated financial statement shows the financial and equity situation, and the economic results attained
by the group leader and the associate companies, considering them a single entity. This is not, therefore, a single
set of data, which would give a distorted representation of the assets and the economic and financial situation,
since it only includes the relations between the group leader and the associate companies and the relations and
exchanges between companies belonging to the group; it represents the relationships that the group leader and the
consolidated companies have had with subjects outside the group.
The main difficulty in this process was not obtaining the information necessary, since all the companies were
willing to supply the data required, but in matching the opposing items: the costs on the one hand and the income
on the other, the credits and the debits. Moreover, in some cases, where the relationships between the City
Council and the companies derive from a number of service contracts, it is difficult to identify, for each
relationship, the differences between the amounts entered in their accounts by the company and those found in the
City Council financial statement. It was therefore necessary to seek out a valid explanation for the individual
differences that could derive from a cost entered in the City Council financial statement which did not match the
income entered in the company accounts, or a credit claimed by the company that differed from the debit
recognised by the City Council. In some cases, after careful evaluation and inquiry, it was possible to understand
the differences and cancel the individual item, but in other cases it was necessary to adopt simplifications, for
example the rule that in the case of inexplicable differences, the amount entered by the company would be
considered most reliable and therefore to be cancelled, at the same time correcting the differences in financial
statement of the City Council.
The difficulties encountered in justifying the difference between the sums entered in the City Council financial
statement and the company documents derive, in part, from the different accounting methods: financial in the case
of the City Council, on an accrual basis for the companies, in accordance with the accounting principles of the
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Onlus6 Agency for the non-profit organisations and also from the complexity of the City Council financial
statement, which made it difficult to identify the economic and financial items allocated to the various sections.
One possible solution to this problem could be to define specific sections of the financial statement in which to
enter the revenue and itemize the sums in favour of the company in the consolidation area. This method would
make it possible to fully understand the relationship of the institution with the associate companies and to identify
the reason for any differences, during the reporting year more easily and quickly.
The difficulties encountered in identifying the intra-group relationships and the need for uniformity of the criteria
can be overcome in the first place through the economic and financial accounting records, which were made
compulsory by Legislative Decree 196/2009. The passage for public companies from financial accounting to
economic and financial accounting was significant: this changeover was scientifically resolved through the
application of the unified tax return (Luigi Puddu), which guarantees that the financial accounts are kept in
accordance with the economic and financial accounting principles.
The second result attained through the development of the research was the study and identification of a common
accounting plan for the local public companies, associate companies and non-profit organisations: this plan
derives from the specific accounting principles foreseen by the consolidating legislation for local authorities, the
Italian Civil Code, the national and international accounting principles and the Onlus Agency. The ‗common‘
accounting plan, or rather ‗accounting plan capable of interfacing‘ in order to obtain unitary accounts is the basis
for an ad hoc IT system that is currently being trialled, and that will make it easier to draw up a consolidated
financial statement for the local public group.
In the appendix is the accounting plan for the trial with the Torino City Council.
7. Conclusions
The research carried out so far has attained the following results:
-
the ‗formal‘ reclassification of the asset account and of the economic account and the financial reporting
of the Torino City Council Group in accordance with the table IV of the directive;
the realisation of a uniform accounting plan for the three types of component of the Torino City Council
Group.
The research offers the following opportunities for further study:
-
continuation of the consolidation through the completion of the ad hoc IT system for drawing up the
consolidated financial statement of the local public group;
in-depth analysis of the efficacy of the consolidated financial statement as a planning and audit tool;
inclusion, in the analysis process, of the group treasury system, as a planning and audit tool;
extension of the research topics to other configurations of public groups, that is, aggregations of public
companies, in order to study the efficacy of the consolidated financial statement as a planning tool within
the entire system of the public companies (state sector, public sector, extended public sector).
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